| In an effort to form an Asian oil community, India will host a buyer-seller meet where Central Asian oil producers and four largest Asian consumers will be present in October.
|
| |
| Russia, Kazakhstan and Turkmenistan have agreed to attend the meeting. China, Japan and South Korea, apart from hosts India, will represent buyers at the meeting.
|
| |
| “In the week beginning October 17, we propose to host oil ministers from Russia, Kazakhstan, Turkmenistan, Uzbekistan and Azerbaijan for a meeting with four prime Asian buyers - China, Japan, South Korea and, of course, India,” Petroleum Minister Mani Shankar Aiyar said today at the inauguration of the Centre for Research on Energy Security at The Energy and Resources Institute (TERI).
|
| |
| He will extend a formal invitation to the Azerbaijan oil minister when he meets him in Baaku next week.
|
| |
| In January, Aiyar had managed to get petroleum ministers from Saudi Arabia, Iran, Kuwait, the United Arab Emirates, Oman, Qatar, China, Japan and South Korea together to give shape to a new regional forum. This forum aims at strengthening energy ties for ensuring stable energy supplies at reasonable prices.
|
| |
| Now Aiyar wants the Caspian basin producers to come on board the pan-Asia community. “We are creating a brotherhood in the Asian oil economies,” he said.
|
| |
| The meeting will set the agenda for an Asian oil market by evolving a crude marker that is produced and traded in the region, instead of the current practice of oil being sold to Asians at a discount or premium at the benchmark price of North American or the European market.
|
| |
| The October meeting will focus on building energy security through joint investments - consumers making upstream investments in producing countries and suppliers making downstream investments in refining gas in buyer nations. |
| |
|
| |
Content Guide
